No t e s t o Co n s o l i d a t e d F i n a n c i a l S t a t eme n t s J u n e 3 0 , 2 0 2 3 a n d 2 0 2 2 19. Leases and Other Commitments The university has operating and finance leases for facilities, equipment, and vehicles. Asset and liability balances related to operating and finance leases on the Consolidated Statements of Financial Position as of June 30 are as follows (in thousands): 2023 2022 Classification on the Consolidated Statement of Financial Position Assets Liabilities Assets Liabilities Operating Leases Operating lease right-of-use assets $ 74,905 $ 92,520 Operating lease liabilities Current $ 19,898 $ 22,490 Long-term 57,164 73,051 77,062 95,541 Finance Leases Land, buildings, and equipment, net 4,241 4,876 Other liabilities Current 1,406 1,272 Long-term 3,114 3,861 4,520 5,133 Total $ 79,146 $ 81,582 $ 97,396 $ 100,674 The components of lease expense for the year ended June 30 are as follows (in thousands): Component Classification on Statement of Activities 2023 2022 Operating lease expense Space and occupancy $ 21,821 $ 18,524 Short-term lease expense Space and occupancy 986 621 Variable lease expense Space and occupancy 2,699 2,581 Finance lease expense: Amoritization of right-of-use assets Depreciation and amortization 1,367 1,284 Interest on lease liabilities Interest 104 104 Total lease expenses $ 26,977 $ 23,114 Supplemental cash flow information related to leases as of and for the year ended June 30 is as follows (in thousands): 2023 2022 Right-of-use-assets obtained in exchange for lease obligations: Operating leases $ 3,729 $ 26,062 Finance leases 732 - 41
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